Steps to Get a VARA License for New Firms in UAE
UAE creates many chances for new companies with its smart strategies. The government lets businesses use virtual assets in a safe way. UAE forms VARA (Virtual Asset Regulatory Authority) to keep control over virtual assets and help firms follow the law. Companies who want to trade or manage virtual assets must get a special license and approvals before they start.
This article explains how a new business can apply for a VARA license in UAE. Mubarak Al Ketbi (MAK) Auditing gives you simple tips and steps to make the process easy.
Application Process for New VARA Licenses
To get a VARA license (called a VASP license), companies should follow two main steps. All companies must finish each step and give the right documents to get approval from VARA.
First Step: Getting Initial Approval from VARA
The first step is to get initial approval to create a legal business for virtual asset activities. Here’s how you do it:
- Companies send an initial disclosure form to DET (if based on UAE mainland) or to the Freezone Authority (if based in a UAE freezone).
- Companies prepare all documents, like a business plan, a list of owners, and info about managers.
- Firms pay half of the license application fee so VARA can review the application.
- Once the review is done, companies wait to receive the first approval. This approval lets you set up your business, rent an office, and hire staff.
During this first step, no company can do virtual asset activities. If your business does not meet all rules, VARA can cancel your approval. You must finish every step before you move on.
Second Step: Applying for the Official VASP License
After getting first approval, companies can start the main license application process:
- Companies prepare more documents based on instructions from VARA.
- You send extra files if VARA asks for them. Sometimes, VARA asks for meetings or more interviews.
- Companies pay any pending application fees and pay the first-year supervision fee.
- At the end, VARA gives the VASP license to your business. You now can start offering virtual asset services in UAE.
What Documents Must New Firms Provide for VARA?
A company needs to prepare many documents during the VASP license application. You need to organize these papers before you start:
- Business incorporation certificate
- List of all business owners
- “Fit and proper” confirmations
- Proof of the money’s source
- Details of your business structure
- Your governance and management plan
- Your company’s local website address
- Key employee details (job roles, CVs, passport copies)
- The business plan for regulation
- Financial forecasts for the company
- Group and company financial statements
- Proof of paid-up capital
- Reports on available and locked-up capital
- Insurance certificates for the business
- Reserve account statements
- Succession plan documents
- Wind-down plan documents
- Any associated entity analysis
Companies who organize all these documents will find it easier to get their VARA license approved.
Why UAE Needs VARA for Virtual Asset Companies
UAE wants companies to grow and use digital technology, but the country also wants to keep financial transactions secure. That’s why VARA checks every new company that works with virtual assets. If you follow all the VARA rules, you protect your business from fines and future problems.
How to Stay Compliant with VARA Rules
It can be tough for new companies to handle so many documents and rules. If you want to avoid mistakes, you need expert support. Mubarak Al Ketbi (MAK) Auditing helps many businesses:
- Collect and organize all the right documents
- Prepare business plans and financial forecasts
- Show you how to pay your VARA fees on time
- Guide you on every step of the VARA application
- Give support for audits and ongoing compliance
What Can Help? – Mubarak Al Ketbi (MAK) Auditing
When you want your license process to run smoothly, you can trust Mubarak Al Ketbi (MAK) Auditing. Our team stands with you from start to finish. We’ll help you avoid common mistakes, follow every rule, and get your virtual asset license without trouble. You’ll see that “the early bird catches the worm” when it comes to fast and proper compliance!
For more information:
- Visit our office: Saraya Avenue Building – Office M-06, Block/A, Al Garhoud – Dubai – United Arab Emirates
- Contact/WhatsApp: +971 50 276 2132
